Warburg Pincus-backed ESR Real Estate, an Australian real estate holding, acquired Propertylink Group, a Sydney-based real estate investment manager, for A$722m. The directors of Propertylink believe that, given its all-cash nature, ESR’s Proposal represented an opportunity for Propertylink securityholders to realise certain value for their Propertylink securities at an attractive premium to the Propertylink trading price prior to the receipt of the proposal and Propertylink’s 30 June 2018 NTA.